Not all wave makers operate on the on/off method.
For example the Tunze Wavebox 6212
use more natural in/out flows that closer simulate reefs.
when using with a controller can slowly increase/decrease the flow also to more simulate a reef type wave.
uses an outside pump to alternate flow. (See melevsreef.com
I assume you have corals which is why your interested in a wave system but really any tank can benefit from oscillating currents.
has a ton of different brands of wave makers on their site.
Main equipment I'd look at to make a 150 happy is a quality skimmer, quality lighting, and a 40+ gal